SurgePays, Inc. (NASDAQ:SURG) Sees Significant Decline in Short Interest

SurgePays, Inc. (NASDAQ:SURG) was the recipient of a significant drop in short interest in the month of March. As of March 13th, there was short interest totaling 1,143,852 shares, a drop of 18.3% from the February 26th total of 1,399,476 shares. Based on an average daily trading volume, of 102,962 shares, the days-to-cover ratio is presently 11.1 days. Currently, 7.0% of the shares of the company are short sold.

SurgePays Price Performance

SURG stock traded down $0.02 during midday trading on Monday, hitting $0.72. The company’s stock had a trading volume of 45,943 shares, compared to its average volume of 235,824. The company has a quick ratio of 0.41, a current ratio of 0.52 and a debt-to-equity ratio of 101.87. SurgePays has a 12 month low of $0.70 and a 12 month high of $3.47. The company has a 50 day moving average of $0.97 and a two-hundred day moving average of $1.81. The firm has a market capitalization of $16.78 million, a price-to-earnings ratio of -0.33 and a beta of 0.50.

Hedge Funds Weigh In On SurgePays

Several institutional investors have recently bought and sold shares of the stock. NewEdge Advisors LLC lifted its stake in SurgePays by 46.2% in the 2nd quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock worth $59,000 after purchasing an additional 6,000 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of SurgePays during the second quarter valued at about $42,000. Gerber LLC purchased a new position in shares of SurgePays during the third quarter valued at about $38,000. Goldman Sachs Group Inc. bought a new stake in shares of SurgePays in the first quarter worth about $28,000. Finally, James Investment Research Inc. lifted its position in shares of SurgePays by 71.1% in the third quarter. James Investment Research Inc. now owns 32,500 shares of the medical equipment provider’s stock worth $91,000 after buying an additional 13,500 shares in the last quarter. 6.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SURG shares. Zacks Research upgraded SurgePays from a “strong sell” rating to a “hold” rating in a research note on Monday, February 23rd. Weiss Ratings restated a “sell (e+)” rating on shares of SurgePays in a research note on Monday, December 29th. Wall Street Zen raised shares of SurgePays to a “sell” rating in a report on Saturday, January 3rd. Finally, Ascendiant Capital Markets upped their price target on shares of SurgePays from $9.50 to $9.75 and gave the stock a “buy” rating in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, SurgePays presently has an average rating of “Hold” and an average target price of $9.75.

SurgePays Company Profile

SurgePays, Inc, together with its subsidiaries, operates as a financial technology and telecom company in the United States. It operates through three segments: Mobile Virtual Network Operators, Comprehensive Platform Services, and Lead Generation. The company offers subsidized and non-subsidized mobile virtual network operators for internet connectivity through mobile broadband services to consumers; ACH banking relationships and fintech transactions platform to convenience stores; wireless top-up transactions and wireless product aggregation; and lead generation and case management solutions primarily to law firms in the mass tort industry, as well as call center activities.